Contributed by: Kelsey Arvai, CFP®, MBA
Contributed by: Nick Errer and Ryan O'Neal
The Social Security Administration (SSA) has a zero tolerance for fraud, and it works diligently at the national, regional, and local levels to combat fraud that undermines its mission to serve the American Public. To accomplish this goal, the SSA works with the Office of Inspector General (OIG), which investigates allegations of fraud and seeks to bring offenders to justice.
Many cybersecurity experts agree that most individuals' social security numbers (SSNs) are comprised at least once. Your Social Security card is not an identification document, and, in many situations, you only need to know your Social Security number (you do not need to show the physical card). What is Social Security Fraud? Fraud involves obtaining something of value through willful misrepresentation.
Examples of fraud include:
Identity theft
Filing claims under another person's SSN
Concealing facts or events that affect eligibility for benefits.
Making false statements on claims or misusing benefits
Failing to notify the agency of the death of a beneficiary and continuing to receive the deceased person's benefits.
Recognize scammers. They may PRETEND to be from an agency or organization you know. Say there's a PROBLEM or promise a prize. PRESSURE you to act immediately. Tell you to PAY in a specific way. Do not give scammers money or personal information- Ignore them!
What should you do ASAP after finding out you have been exposed?
Place a security freeze on your credit report through one of the three major reporting agencies (Equifax, Experian & TransUnion)
Lock your Social Security Number
Report the incident(s) to the Federal Trade Commission at IdentityTheft.gov and local authorities.
Often required to close fraudulent accounts.
Measures you can take to prevent identity theft:
Remember to remain calm.
Talk to someone you trust.
Hang up or ignore the message.
DO NOT click on links or attachments.
Protect your money.
Criminals will insist that you pay in a hard-to-trace manner, such as with a gift card, prepaid debit card, cryptocurrency, wire transfer, money transfer, or by mailing cash. Protect your personal information. Be skeptical of a contact you don't initiate. Spread the word.
Kelsey Arvai, MBA, CFP® is an Associate Financial Planner at Center for Financial Planning, Inc.® She facilitates back office functions for clients.
Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services offered through Center for Financial Planning, Inc. Center for Financial Planning, Inc.® is not a registered broker/dealer and is independent of Raymond James Financial Services.